DRO- Car Value

dimp81

Hello

Hope someone can help. My husband is looking into a DRO but his car is worth £2000, will they make us sell it, as he does need it for work. Dont know what else to do !!!!!!

wba31

If his car is worth more than £1000 he will not be eligible to do the DRO.
Firstly check for a FREE valuation of the car on Parkers (what the insolvency service and intermediaries should use)
if its more, take it to independant car traders, see what they value the car at. If less than £1000 get this in writing from them and provide it as evidence.

For your husband to proceed with a car worth more than £1000, it cannot be given away or signed to an alternative name as this would be deemed as tansferring an asset for less than its value. If the vehicle is sold it should be sold for its worth, a replacement could be bought for less than £1000, the £90 DRO fee could be taken out of proceeds of sale, £300 can be kept, the rest must be paid pro rata between creditors.

The key thing is the Parkers valuation though... check that first...

fatbelly

If I can't get a Parkers valuation, I use wisebuyers. The valuation often seems low to me but I've never had a problem with it at the DRO Unit. The valuation is quick, and free, and I have something to stick in my file.

wba31

could you give us some details of the car so that we can check for you?
Make?
Model?
Engine size?
Spec? (E.g. ghia or titanium, GTi, EX, ES)
and year of registration (either the 2 numbers, ie 55, 06 or the letter (W, S reg)

dimp81

Details are Vauxhall Astra Engine size 132 G/KM on an 04.
Thank you

wba31

Can you give us anymore detail.

If it's this shape this is the cheapest valuation for an 04 plate...

http://www.parkers.co.uk/cars/prices/used/vauxhall/astra/hatchback-2004/27106/?yearplate=75

It it's like this one it could be fine

http://www.parkers.co.uk/cars/prices/used/vauxhall/astra/hatchback-1998/14841/?yearplate=75

It would help us to know which shape it is, the engine size, and the name of the spec...

dimp81

hi itsthe first link thank you x